Loans

Home Equity Line of Credit

Need a vacation? A bathroom remodel? A car for your teen? It could cost you as little as $100 a month with a Dupaco Home Equity Line of Credit (assumes maximum loan balance of $13,500 amortized over 180 months). Calculate your payments using our calculator.

What is equity in a home?

Equity is the difference between the appraised value of your home and what you owe on your mortgage. Equity is the part of your home’s value that belongs to you, not your lender. Calculate your equity. You can borrow against the equity in your home and use the money for whatever you choose—home improvements, new car, school, paying down credit cards, or, send yourself on a vacation!

Home Equity Rates

Current as of: 2/22/2019

Loan Program

Annual Percentage Rate

Home Equity Prime Cut Rate

5.00% APR1

1Home Equity Rate: Rate based on qualification. Minimum $10,000 line of credit required on loan-to-value less than 75% with $5,000 initial minimum advance. The annual percentage rate (APR) may vary after the account is opened. Maximum APR 21%. The rate will be the Prime Rate as published in The Wall Street Journal on the last business day of each calendar month, plus an index with a floor rate of 4.10% (if applicable). The current fully indexed rate is 4.75% APR. Closing costs paid by the credit union to a maximum of $350. There are no annual fees; however, Lender may recover origination charges if line is closed within 30 months of opening. Consult your tax advisor concerning the deductibility of interest. Property insurance required.

Why not a personal loan, instead of a home equity?Our home equity is a line of credit (a form of revolving credit) in which your home serves as collateral. It is a convenient way to borrow because, once established, you can take loan advances at any time during a 10-year draw period without having to reapply. Plus, with a home equity, you may be able to deduct the interest you pay from your taxable income. Remember to consult with your tax advisor concerning the deductibility of interest. These are perks you would not get with an ordinary personal loan.

How much can I borrow?At Dupaco, you can establish a line of credit worth as little as $5,000. Contact Dupaco for the maximum amount of equity from which you can borrow against.

How is the rate determined?The rate is tied to the Prime Interest Rate as published in The Wall Street Journal on the last business day of each month, plus or minus an index. The index is based on your credit score and the percentage of the equity in your home your credit line can access.

How do I access my Dupaco home equity line of credit?Once your line of credit is established, you can advance funds directly into your account through online banking, by phone, in person at any branch, or with home equity convenience checks.

Payment ProtectionPayment Protection* is a voluntary loan-payment protection product that helps you get relief from the financial burden of delinquency, default, or foreclosure if a protected life event unexpectedly happens to you. Depending on the package you select, if a protected event does occur (and you’re a protected borrower or co-borrower on the loan), Payment Protection will cancel or reduce repayment of your loan debt—helping to lessen your worries, and your family’s worries, about paying loans during this difficult time.

Protected events include:

Loss of life, including those caused by acts of war

Disability, including those caused by acts of war

Involuntary unemployment

With Payment Protection, every eligible member pays the same fee and you only buy enough protection to cover your loan balance. Tying protection directly to your loan means you’ll have exactly the right amount of protection—no more, no less—while helping protect your family, collateral, and credit rating. For eligible borrowers, enrollment in the program is fast, easy, and immediate.

How much does it cost to increase amount available in my current HELOC? My 1st mortgage has decreased considerably since I redid my HELOC.

Re: Increase HELOC available amount!

Dupaco Moderator

• 268 days 20 hrs 38 mins 12 secs ago

Hi John, we will have a lender reach out to you. Thanks!

Increase HELOC available amount!

John

• 268 days 20 hrs 42 mins 36 secs ago

How much does it cost to increase amount available in my current HELOC? My 1st mortgage has decreased considerably since I redid my HELOC.

Re: Increase HELOC available amount!

Dupaco Moderator

• 268 days 20 hrs 38 mins 12 secs ago

Hi John, we will have a lender reach out to you. Thanks!

Link repetition

Dave

• 678 days 9 hrs 26 mins 18 secs ago

The first two links in your parenthetical material on theis Home Equity Line of Credit page are the same. I was looking for the calculator.

Re: Link repetition

Dupaco Moderator

• 676 days 1 hr 52 mins 50 secs ago

Hi Dave, Thanks for letting us know! The link has been updated to the correct one.

Closing Cost

Stacy

• 947 days 18 hrs 38 mins 21 secs ago

What are the closing cost on a heloc loan?

Re: Closing Cost

Dupaco Moderator

• 947 days 1 hr 40 mins 7 secs ago

Hi Stacy, as long as the Home Equity Loan is larger than $10k, Dupaco pays closing costs up to $350. Anything over that amount is paid by the member.

rates

Jeni

• 1436 days 23 hrs 57 mins 59 secs ago

I understand interest rates may go up this year. I'd like to have the HELOC and mortgage rates emailed to me regularly so I can monitor them. Is this possible?

Re: rates

Dupaco Moderator

• 1435 days 1 hr 27 mins 6 secs ago

Rates for HELOC are not available as a daily email, however, mortgage rates are. Go to the Mortgage section of our website, click on rates. You'll need to fill out the short form allowing us to better target the type of property you'd be interested in buying, and then the current rates will show. From the page that display the rates targeted to your desired loan, you'll be able to click Rate Watch and set up your automatic rates email.

trying to get a house loan

tammie phipps

• 1510 days 20 hrs 3 mins 25 secs ago

What does my score need to be in order to get a loan for a house? I have been approved to build a house from the ground up- trying to see what I need to do to get started...

Re: trying to get a house loan

Dupaco Moderator

• 1508 days 20 hrs 12 mins ago

Tammie,
Typically the borrower's term must be at least a 620. However, based on the other variables of the application, they could require the score to be even higher.